RY, Royal Bank

A few days ago Royal reported 2nd quarter earnings (1st quarter of the year) and they were good. The Royal now makes profits of $2.5 bln. every quarter or $10 bln. a year. To put that in perspective that is roughly $282. for every man woman and child in the country. There are about 35.4 mln. people in Canada. The Royal has about 78.000 employees both full and part time, so the profits are about $128.205,00 per employee. Nothing to sneeze at. They were about to nickel and dime us for a little more but then, at the very last moment, decided to drop that idea, at least for now.

Looking at the EW count, this looks like a complete correction from the Feb. low. Ergo the next big move should be down.